Merck 2008 Annual Report Download - page 101
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The following table presents a tax reconciliation of the theoretical tax rate to consoli-
dated profit. The theoretical tax rate is determined by applying the statutory tax rates
of the German and foreign companies in proportion to their contribution to consolidated
profit. The change in comparison with 2007 results from the change in the consoli-
dated contributions in relation to local tax rates.
€ million 2008 2007
Consolidated profit before tax 574.9 –110.9
Exceptional items –400.0 –775.6
Consolidated profit before tax and exceptional items 974.9 664.7
Theoretical tax rate 29.6% 30.9%
Theoretical tax expense before exceptional items –288.6 –205.6
Tax effect of companies with a negative contribution to consolidated profit –41.1 –23.7
Taxes for other periods 2.9 –29.8
Tax credits 66.6 35.0
Effect of non-deductible expenses/
tax-free income/tax allowances 9.0 36.9
Tax expense before exceptional items –251.2 –187.1
Tax rate before exceptional items 25.8% 28.2%
Taxes on exceptional items 55.4 210.2
Tax expense according to income statement –195.8 23.1
Tax rate according to income statement 34.1% 20.8%
[13] Profit after tax from discontinued operations
In addition to the gain on the sale of the Generics business, profit after tax from dis-
continued operations in 2007 included the profit/loss of the current business classified
as discontinued operations. More details can be found under Disposals/Discontinued
operations.
[14] Minority interest
Minority interest in net profit is primarily composed of the minority interests in
Merck Ltd., Thailand and Merck Serono SpA, Italy, as well as the listed company
Merck Ltd., India.
96 | Merck Annual Report 2008